Faris Lee Investments has wrapped up the pre-sale of a new 16k SF site in Vallejo that CVS will occupy. Faris says the 4.3% cap is the lowest ever for a CVS-occupied single-tenant property in the US. Calipine Corp from Northern California paid $4.9M for the property, and was repped by LemRx Realty Advisors. The seller was Rivers Rock Vallejo out of SoCal. The site sits at the southwest corner of Columbus Parkway and Admiral Callaghan. It's under construction and is part of a new retail project that will also include the first Chick-fil-A and Chipotle restaurants in the city. CVS signed a new 25-year ground lease and is anticipated to open its doors in October 2015.
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